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20110701
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Search Results 0 to 14 of about 15 (some duplicates have been removed)
john boehner and president obama both talked of doing something big to change america's unsustainable economic path. what do you think? do you think that opportunity's lost? >> well, a week is a long time in politics. it can be a lifetime. i think what's now clear is that the big deal, the grand deal, the grand bargain of $4 trillion over ten years is dead, it's gone. i think the chances of getting a deal at $2.5 trillion or the middle-level deal, very unlikely because the president does not want to go that high without tax increases and republicans are not going to do it. here's the hard question i think that's coming up. the house republicans are now pushing a very, very tough deal through the house. over in the senate side, the republicans and democratic leaders are working together on a version of the mcconnell plan. and the president will accept that, as he said in his news conference friday. but whether the house republicans would accept that or not is a big, big question. it seems to me that's the lead horse, that's the lead solution right now, is a version of the mcconnell pla
you. >> ken rogoff joins me back again. a couple of good metaphors i heard today. this is like a big, cold bucket of water. another one said that this is like we're waiting for job growth to take off and instead we are sitting grounded in the terminal month after month waiting for our flight. what's your reaction to this disappointing jobs report? >> the terminal one is a depressing thought. it's an awful jobs report. it's just awful. i was certainly expecting at least to get enough jobs to sort of keep us moving a little bit. unfortunately this is what happens after a deep financial crisis. this is par for the course. the average after a deep financial crisis postwars, four years or more of bad job numbers before things really start getting better. we thought we could beat things with our stimulus, aggressive monetary policy. but it looks like we won't. >> a lot of my colleagues have been asking me, why are the estimates so wildly off? i keep saying, we've come from such a dramatic move in the economy that people really are trying to get -- experts are trying to get a handle on wher
ceiling. even one of the world's largest bond investigators, mohamed arien, he's been a big proponent of debt reduction plans. he says when it comes to kicking the can down the road, kick the down the road a little bit. this is serious. >> harvard professor ken rogoff is a former chief economist for the international monetary fund. ken, listen to this with me. republican senator kay bailey hutchison said we're about to find out how serious the obama administration is about reducing spending. listen to what she said. >> you do the things that are essential. this is where the administration is going to be tested. if they won't make an agreement that will have spending reforms, if they start doing the chicken little thing by not paying social security recipients or people in our military or interest on our debt and instead choose to cut the things that will hurt the most but not the things that they could cut responsibly, that's going to be the test that they're not serious. >> ken, she's talking about a test. is this a logical test? if you strongly believe that spending needs to be cut
. this is a big band-aid on a much more serious problem. >> this isn't about jobs today. this is about where we're going to be in 10 or 15 years, are we going to run off a cliff? are we going to sort of have a gradual adjustment or wait till the last second and have markets force us? they're not forcing us to do this. our interest rates are low. that's not the problem. but we see it coming eventually. so this is not going to help, although it will encourage wall street. it will encourage credit a bit because it will provide a bit of calm finally in the markets over this. >> do you think that any of that -- any of the plans you see right now, when you look at them, do you say any of this will create jobs? the warning i'm hearing about so many of them is in the short-term, this is possibly going to slow things down even more? >> yeah, i'd say they're not creating jobs now. but they're taking some very hard problems and, by gosh f they actually do some of the tax reform, it's going to make a big difference over the longer term. it really is going to be a help for the economy. >> jeanne, if they re
Search Results 0 to 14 of about 15 (some duplicates have been removed)